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IMF approves Cyprus bailout funds

AFP-JIJI

The International Monetary Fund approved Monday the release of €84.7 million ($113.1 million) in bailout funds to Cyprus. The IMF executive board gave the go-ahead for the release after completing the first review of Cyprus’s performance under a three-year, billion-dollar loan program the IMF extended in May, the fund said. With the new disbursement, Cyprus will have received about €169.4 million to date under the lifeline extended on May 15.